Agreed with above, it's a horrible name, I've always laughed at it.
Why if there is demand for a product and you can not offer people the ability to register is beyond me. If it's a money issue, charge people, if it's a resources issue, charge people and upgrade servers. They have always handled their site/business in a horrible manner in my opinion.
FYI: these exchange sites for youtube barely work at all anymore, it's pointless. YouTube has been combating sites like this for a while now.